Lease4U Corporation, signs an agreement on January 1, 2020, to lease equipment to Minh Limitd. Both Companies uses ASPE The following information relates to the agreement. 1. The term of the non-cancellable lease is five years, with no renewal option. The equipment has an estimated economic life of six years. 2. The asset's fair value at January 1, 2020, is $80,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expecter 4. Minh Limited assumes direct responsibility for all executory costs, which include the following annual taxes. 5. The agreement requires equal annual rental payments of $18,243 to the lessor, beginning on January 1,2020. 6. The lessee's incremental borrowing rate is 11%. The lessor's implicit rate is 10% and is known to the lessee. 7. Minh Limited uses the straight-line depreciation method for all equipment and round amounts to nearest dollar. Lease4U Corporation, signs an agreement on January 1, 2020, to lease equipment to Minh Limitd. Both Companies uses ASPE The following information relates to the agreement. 1. The term of the non-cancellable lease is five years, with no renewal option. The equipment has an estimated economic life of six years. 2. The asset's fair value at January 1, 2020, is $80,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expecter 4. Minh Limited assumes direct responsibility for all executory costs, which include the following annual taxes. 5. The agreement requires equal annual rental payments of $18,243 to the lessor, beginning on January 1,2020. 6. The lessee's incremental borrowing rate is 11%. The lessor's implicit rate is 10% and is known to the lessee. 7. Minh Limited uses the straight-line depreciation method for all equipment and round amounts to nearest dollar